REAL ESTATE MARKET
4/1/2010
Source: Mountain Homes and LivingAuthor: Dan Gile, Managing Broker at CENTURY 21-Winter Park Real Estate
Comparing all residential real estate sold in East Grand County (Winter Park, Fraser, Tabernash, Granby, Hot Sulphur Springs, Parshall and Grand Lake) from 2008 to 2009, the overall total dollar volume was down 44%. However, the total dollar volume was up significantly for the first quarter of 2010, indicating a homebuying rebound is beginning. The overall dollar volume for 2010 is up 163% compared to this time last year.
When the sales volume for 2009 is broken down further by property type, condos were down 66%, vacant land sales were down 58%, and residential sales were down 14%. Major contributors to the 2009 decline in sales volume were due to the increase in underwriting protocols for lenders, enforcement of stricter condo/multifamily lending regulations, availability of jumbo loans, stock market volatility, and the overall macroeconomics affecting the United States.
Perhaps the greatest impact resulted from the changes in lending protocols and regulations for condo/multifamily
properties in Grand County that are now being classified as condotels. This change in lending practices is an attempt to
protect investors by placing strict Owner Occupied/Second Home ratios where there were none before. In order for an owner to obtain financing on a condo or multifamily property, the Owner Occupied ratio must be higher than the Second Home ratio.
A brief summary of condo/multifamily trends for East Grand County is broken down by area below. Although condo lending
has become more difficult, CENTURY 21 Winter Park Real Estate agents maintain relationships with many lenders
representatives allowing them to continue to find competitive financing for most condo and multifamily units.
Winter Park Area condo/multifamily total sold dollar volume in 2009 was $33,603,120, down 70% from 2008. The median price in 2009 was $234,950, down from $357,400 in 2008. In 2009, there were 128 sold, compared to 292 in 2008. In 2009, the percent-to-list ratio (i.e. the sales price represents what percentage of the list price) was 94%, down from 101% in 2008. There are reasons why the percent-to-list ratio is high in 2008–ask your CENTURY 21 REALTOR for details. As of this writing, there are 234 active condo listings on the market in the Winter Park Area.
Granby Area condo/multifamily total sold dollar volume in 2008 was $5,644,178. In 2009, the total sold was $7,137,200, up 26% from the previous year. The median price in 2008 was $178,500 and in 2009, it was up 66% to $297,350. In 2008, 33 multifamily units sold, while 22 units sold in 2009. In 2009, the percent-to-list ratio was 94%. As of this writing, there are 77 active condo/multifamily listings in the Granby Area.
Grand Lake Area condo/multifamily total sold dollar volume in 2009 was $1,053,000, down 55% from 2008. The median price in 2008 was $215,000 and in 2009, it was up by 19% at $256,500. In 2008, 11 multifamily units sold. 2009 was down 63% with 4 sales. In 2009, the percent-to-list ratio was 91%, down from 97% in 2008. As of this writing, there are 18 active condo/multifamily listings in the Grand Lake Area.
As previously stated, 2009 total sales volume for residential properties was down 44% from 2008. While this is a decrease
in total sales volume, overall residential sales have fared much better than condo/multifamily properties and vacant land.
Below is a brief overview of residential trends for East Grand County broken down by area.
Winter Park Area residential total sold dollar volume in 2008 was $69,515,285, dropping to $54,341,902 in 2009. The
medium price in 2008 was $536,000 and was down by 21% the following year. In 2008, 115 homes sold, while 2009 was down 2% with 112 sales. In 2009, the percent-to-list ratio was 92%, down from 97% in 2008. As of this writing there are 252 active residential listings in the Winter Park Area.
Granby Area residential total sold dollar volume in 2008 was $21,230,920. In 2009, the total sold volume was down 14%. The median price in 2008 was $383,450 and in 2009, it was down by 9%. In 2008, 56 homes sold. 2009 was down just
5% with 53 sales. In 2009 the percent-to-list ratio was 92%, down slightly from 94% in 2008. As of this writing there are
127 residential listings on the market in the Granby Area.
Grand Lake Area residential total sold dollar volume was $14,293,900 in 2008 and was up 8% to $15,478,070 in 2009. The median price in 2008 was $269,000 and in 2009, it was $255,000. In 2008, 39 homes sold. 2009 was up 30% with 51 sales. In 2009, the percent-to-list ratio was 91%, down from 94% in 2008. As of this writing there are 127 active residential listings in the Grand Lake Area.
On a more positive note, the Winter Park Area residential trends have shown considerable signs of improvement in the third and fourth quarters of 2009 with an average of 37 sales each quarter. This is a significant increase from the first and second quarters of 2009 when the average number of sales was 14 for each quarter. In 2010, this trend continues with an increase in Winter Park residential sales up 95%. The spur in activity is likely a result of calming economic trends and the ability of buyers to take advantage of reduced pricing on new products. Rendezvous, Grand Park, Intrawest and Lakota (major land developments in East Grand County) have significantly reduced existing home prices and are selling through product. The continuation of these positive trend movements is expected as 2010 is already showing signs of marked improvement.
Dan Gile is the managing broker for CENTURY 21 Winter Park Real Estate and has 40 years experience in the real
estate industry. Please contact CENTURY 21 Winter Park or CENTURY 21 Grand Lake Real Estate for an area specific
custom report. 970-722-2121 (WP), 970-627-3341 (GL)
